Bulldog Properties v. Firstart

This is a mortgage foreclosure action involving a subordination agreement. The trial judge enforced the agreement. We affirm.

Bulldog Properties sold the property to Firstart under the terms of their Buy-Sell Agreement, as amended by the First Addendum, and their mortgage. Bulldog agreed to subordinate its third mortgage to a refinancing loan under the following relevant terms:(1) proceeds used to pay off the first and second mortgages owed by Bulldog,(2) proceeds used to pay off the unsecured note owed by Firstart to Bulldog, and(3) the remaining balance to be escrowed by the lender and…